The currency used in Grenada is the Eastern Caribbean dollar or XCD. Grenada uses the XCD currency as a member of the Organization of Eastern Caribbean States (OECS). The symbol of the currency is $EC. Eight (8) islands that make up the OECS include Antigua and Barbuda, Saint Lucia, Dominica, Saint Kitts and Nevis, Saint Vincent and the Grenadines, and Grenada. The XCD replaced the British West Indian dollar that was used before 1965. The Eastern Caribbean dollar bank notes are available in $10, $20, $50 and $100. In terms of coins, there are the $1, $10 cents and 5 cents. The one cent and two cent coins were eliminated in 2015, and are no longer in circulation as of 2020.
The Eastern Caribbean Central Bank (ECCB) is responsible for printing and distribution of XCD bank notes and coins. Queen Elizabeth II is on the front face of both XCD bank notes and coins. The Eastern Caribbean dollar is pegged to the U.S dollar at a conversion rate of $2.70 XCD to $1 US dollar. The year 1976 began this fixed rate or pegging of the U.S dollar to the XCD dollar.
The XCD is used for all financial transactions in Grenada. Financial institutions can change other currencies into the XCD such as the pound (British dollar), Canadian dollar or US dollar. There are some local businesses that accept US dollar as payment for transactions.
Check out the blog post on Grenada independence and economy to learn more.